More Money

Senkadagala Finance raised Rs. 150 mn in fresh funds through a higher-purchase receipts backed debenture. Senkadagala Finance raised Rs. 150 mn in fresh funds through a higher-purchase receipts backed debenture. The private placement, structured by Investec Capital, is in line with Senkadagala Finance’s strategy to mobiles a larger part of its funds from low cost sources.

The firm had Rs. 45.2 million in hire purchase advances at the end of March 2004, up from Rs. 9.7 million in 2003.

Higher purchase advances made up just over 5 percent of its loan book.

The business generated Rs. 262.3 million in incomes over Rs. 159.7 million by 2003 March.

Interest income rose 59 percent to Rs. 238.8 million from Rs. 149.4 million.

Net interest income was some 89 percent higher at 104.6 million from 55.4 million in 2003.

The firm is also working on a savings products linked purely to teller machines, to mobilise low cost funds.

Commercial Bank of Ceylon Ltd was appointed as Co-Arranger for the issue.

-LBO Newsdesk: lboemail@